SCHEDULE 6 MERGERS AND DIVISIONS
2
An open-ended investment company may apply to the court under F1section 896 or 899 of the Companies Act 2006 (power of company to compromise with creditors and members) F2in respect of a scheme falling within any of sub-paragraphs (a) to (c) of paragraph 4(1) where—
a
the scheme in question involves a compromise or arrangement with its shareholders or creditors or any class of its shareholders or creditors; and
b
the consideration for the transfer or each of the transfers envisaged by the scheme is to be—
i
shares in the transferee company receivable by shareholders of the transferor company; or
ii
where there is more than one transferor company and any one or more of them is a public company, shares in the transferee company receivable by shareholders or members of the transferor companies (as the case may be);
in each case with or without any cash payment to shareholders.